Refreshingly Different Accoutants

This month we are highlighting the following topics: the possible transfer of State Pension payments into the PAYE system, the revised benefit in kind position of smart phones, HMRC's introduction of security deposits, and the reduced rate of IHT if you make sufficient charitable provision in your will.

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Now that the dust has settled on George Osborne’s announcements last month we have highlighted a few issues that are worthy of additional comment. These include: HMRC cap on certain tax reliefs, changes to age related tax allowances and Stamp Duty Land Tax changes. We have also included a short article that explains the benefit of a protective application for Tax Credits.

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Budget Summary 21 March 2012

George Osborne continued his fiscal campaigning by attempting to juggle tax take, Government borrowing and economic growth. Only time will tell how many balls he will continue to keep in the air and for how long.

There are no dramatic tax changes announced in his Budget Statement. Many of the key items such as reduction of the 50% income tax rate, increases in stamp duty for higher value homes and increases in the personal income tax allowances, were “leaked” in advance. However, there were a few surprises.

Details of the tax changes announced are set out below.

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Our newsletter this month is the last before the March 2012 Budget. Our articles this month explain: who will be paying the highest rate of income tax this year, a few more ideas for reducing your income tax bill, clarification of VAT recovery on motoring costs and an update regarding HMRC's business record checks campaign.

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Keeping good business records and doing your bookkeeping accurately is very important and, indeed, a legal obligation if you are operating your business though a limited company. Errors in your bookkeeping could lead to errors on your VAT returns and tax returns which could lead to costly penalties and interest charges as well as a full investigation of your financial affairs by HMRC. Currently HMRC are carrying our random Business Record Checks on businesses the maximum penalty for failure to keep adequate records is £3,000.

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Currently, if you rent out accommodation and it qualifies as a UK holiday let you can offset any losses against any other trading profits such as profits from a trade.

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As widely expected a new rate of tax has now been introduced on personal income over £150,000 as from 6 April 2010.

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Download our guide which considers some key planning strategies in the light of changes announced in the Pre-Budget Report

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